For enterprises, financial model has the function of financial performance analysis, prediction and evaluation. It can effectively judge the prospect of a company, such as profit, liability and marketing amount, so as to make a more accurate positioning of enterprise value.
建立财务模型是基本面投资的基本功，对财务人员来说，非常重要。今天教你如何建立一个完整的企业财务模型。
Establishing financial model is the basic function of fundamental investment, which is very important for financial personnel. Today we will teach you how to build a complete financial model of an enterprise.
，建立一个公司财务模型是进行DCF现金流分析估值的基础。虽然这很基本，但是并不是所有的人士都能掌握这个基本技能。有的基金经理不知道如何建立财务模型，无法平衡资产负债表。当然，很多基金，包括对冲基金，都不太重视建模型，他们快速的决策过程让耗时费力的建模变成了累赘。所以，很多基金都会直接拿证券分析师的模型进行分析。还有的基金只做一张表，也就是利润表的模型。
First, establishing a company financial model is the basis of DCF cash flow analysis and valuation. Although this is very basic, not all professionals can master this basic skill. Some fund managers don't know how to build financial models and can't balance the balance sheet. Of course, many funds, including hedge funds, do not pay much attention to building models. Their rapid decision-making process makes time-consuming and laborious modeling become a burden. Therefore, many funds directly take the model of securities analysts for analysis. Other funds only make one statement, that is, the profit statement model.
其次，一个完整的企业财务模型包括三张表：资产负债表、利润表、现金流量表。这三张表相互联系，互相影响，构成了对一个企业财务运营的完整模拟。通过对模型参数的调整，可以对企业的各种运营状况进行研究，从而对现金流和估值有深入的分析。
Secondly, a complete enterprise financial model includes three tables: balance sheet, profit statement and cash flow statement. These three tables are interrelated and influence each other, which constitute a complete simulation of the financial operation of an enterprise. Through the adjustment of the model parameters, we can study the various operating conditions of the enterprise, so as to have an in-depth analysis of cash flow and valuation.
一、我们要对会计准则和这三张表的内在关系深入了解。三张表的关系并不复杂，数学表达上也超不出加减乘除四则运算的范围。但是，只有真正了解这三张表的内在联系，深入了解公司的运营本质，才能真正建好一个财务模型。
First, we need to have a deep understanding of the internal relationship between the accounting standards and the three tables. The relationship among the three tables is not complicated, and the mathematical expression cannot exceed the range of the four operations of addition, subtraction, multiplication and division. However, a financial model can only be built if we really understand the internal relationship of the three tables and the essence of the company's operation.
比如，这几点：
For example:
1.建模准备
1. Modeling preparation
在建立模型前，要取得少过去5年的财务数据，以便根据历史数据设定对未来的假设。当然，不仅是数字，更要通读过去5年的年报，尤其是财务报表附注部分，掌握数据后面的信息。
Before establishing the model, the first step is to obtain financial data of at least the past five years, so as to set assumptions for the future based on historical data. Of course, not only the figures, but also the annual reports of the past five years, especially the notes to the financial statements, to master the information behind the data.
2.利润表
2. profit statement
建立财务模型的步就是建立利润表模型。利润表与其它两个表的联系不是更为复杂，利润表更多的是给现金流量表和资产负债表提供输入，所以利润表比较容易建立。为了建立利润表，必须对影响利润表的一系列因素进行假设。一些更基本的假设如下：
The first step of establishing financial model is to establish profit statement model. The relationship between the income statement and the other two statements is not the most complex. The income statement provides more input to the cash flow statement and the balance sheet, so the income statement is easier to establish. In order to establish the profit statement, a series of factors affecting the profit statement must be assumed. Some basic assumptions are as follows:
①在所有的假设中，销售额增长率是更为关键的一个，因为很多的其它参数的假设都是基于销售额的一个比例而来。在做假设时，既要参考历史数据，也要考虑公司未来的发展，可以说是没有的正确与否。
① of all the assumptions, sales growth rate is the most critical one, because many other parameters are based on a proportion of sales. When making assumptions, we should not only refer to historical data, but also consider the future development of the company. We can say that there is no absolute right or not.
②在利润表上，有一个重要的质量监控指标，这就是运营杠杆。一般来讲，一个公司的运营杠杆相对固定。如果预测未来公司的各项数字，发现运营杠杆与历史相比有重大变化，这时候就要重新检查各种假设，看是不是有不合理的地方。一般模型假设都没有深入的固定成本与费用和可变成本与费用的分析，很容易把运营杠杆的效果就忽视了。
② in the income statement, there is an important quality monitoring indicator, which is the operating leverage. Generally speaking, a company's operating leverage is relatively fixed. If we predict the company's figures in the future and find that there is a significant change in operating leverage compared with the history, we need to reexamine various assumptions to see if there is anything unreasonable. The general model assumes that there is no in-depth analysis of fixed costs and expenses and variable costs and expenses, so it is easy to ignore the effect of operating leverage.
③利润表上另外一个重要的质量监控指标就是净利润增长率与ROE的关系。在盈利能力与资本结构不变的情况下，ROE就是净利增长的极限。
③ another important quality monitoring index on the income statement is the relationship between net profit growth rate and roe. In the case of constant profitability and capital structure, roe is the limit of net profit growth.
4.资产负债表
4. Balance sheet
资产负债表相对比较复杂，与利润表和现金流量表都有紧密的内在联系。
The balance sheet is relatively complex and closely related to the income statement and cash flow statement.
（1）现金流量表：
(1) cash flow statement:
A.资产负债表中现金部分是来自于现金流量表。
A. the cash part of the balance sheet comes from the cash flow statement.
B.借款部分来自于现金流量表的筹资部分。
B. The borrowing part comes from the financing part of the cash flow statement.
C.固定资产及无形资产与现金流量表的经营现金流和投资现金流都有关系。
C. fixed assets and intangible assets are related to operating cash flow and investment cash flow of cash flow statement.
D.股东权益也与现金流量表的筹资部分紧密相连。
D. shareholders' equity is also closely related to the financing part of the cash flow statement.
总之，资产负债表反映的是公司在某一个时间点的状态，而现金流量表就是资产认负债表变化的记录。
In short, the balance sheet reflects the state of the company at a certain point in time, and the cash flow statement is the record of changes in the balance sheet.
（2）利润表：
(2) income statement:
利润表的净利润会进入资产负债表的存留收益，增加股东权益。
The net profit of the income statement will enter the retained income of the balance sheet and increase the shareholders' equity.
剩下的很多项目就必须假设了。一般来讲，都是根据历史与经营按销售额比例做假设。
Many of the remaining projects have to be assumed. Generally speaking, the assumption is based on the proportion of sales volume between history and operation.
资产负债表的一个重要质量监控指标就是现金转换周期。如果做出来的模型的现金转换周期有大的改变，这就说明有的假设是不合适的，需要修改。
An important quality monitoring indicator of balance sheet is cash conversion cycle. If there is a big change in the cash conversion cycle of the model, it shows that some assumptions are not appropriate and need to be modified.
当然,整个模型是否有问题也要靠资产负债表来进行质量监控。如果模型建好后发现资产负债表不平衡，资产不等于负债加股东权益，那么模型肯定有问题。
Of course, whether the whole model has problems depends on the balance sheet for quality monitoring. If after the model is built, it is found that the balance sheet is unbalanced and the assets are not equal to liabilities plus shareholders' equity, then the model must have problems.
